All Forum Posts by: Cheryl Foster

@Victor Hugo Acevedo

Hi Victor, I see you are in NC. I am in SC. I have gotten a great email newsletter for years from lenders that blog about all sorts of creative solutions to investor and homeowner financing. I've never used them but they might be worth a try, as they service out area. Blue Ridge Bank Mortgage; lots of loan officers. The one I get the email newsletters from (& have talked on the phone to) is Russell Smith. Just a thought to help out if you are thinking of a HELOC or other funding.

Re: 2/12 Greenville meet-up - 

@Jonathan Anderson - I should be  there toward the end (~7:30/8) then stay past the scheduled 8:00 end time. If anyone else has to come late, you will have company! Coming from Anderson after another meeting. Hope to see folks there! 
@John Hovanec - hope you can make it, too! Would like to hear about your newest deal, talk about our mobile homes, etc.

What are your favorite items to include on a seller financing agreement &/or deed, to protect your investment, while still giving new buyers enough freedom to improve the property and develop their business on it? Re: selling single-family residential homes for seller financing, as well as my current deal in-process - selling my mixed-use commercial property in rural southeast TN, in a tourist area, to a well-vetted prospective buyer. Land is unrestricted & unzoned; county is easy to work with, to build whatever one wishes. My attorney has defined many items on the draft purchase agreement and deed (both parties looking at draft now). Interested in your thoughts. What were you glad you included in your seller financing? Or what would you include?

@DeAndrea Douglas

It can be very personal - who will own the home a family has come to love. An owner can love their home, neighborhood and neighbors so much that they want to envision another family enjoying it as much as they do. They figure an endless parade of renters, with an uncaring landlord, isn't the kind of "life" they have planned for the home they spent awhile renovating and raising a family in. The country song, "If these walls could speak" by Amy Grant, comes to mind.

@Juan Carlos Arellano - I agree with everyone. Thank you for your service (we're a Navy family). When you get back, get in touch with our local REI group & attend meetings (monthly in Greenville, listed on BP & Facebook). In the meantime, focus on your studies then your training. If you have time, continue to read up on how to create a proposal for the private funding group that is "fundable," how private financing works (private finance often fund based in large part on how good the deal is, not your personal credit or work history). Godspeed!

@Doug DeVore - I am really pleased to be able to recommend Attorney Mr. Wayne Peters at Gearhiser, Peters, Elliott and Cannon, PLLC, in Chattanooga, a seasoned attorney that has experience with investors. He has multiple specializations in his career (see profile on website), including Estate Planning (trust, probate, coordination w/ CPA & multi-state taxation issues), which I needed.
Wayne advised us on all sorts of landlord/tenant matters (storage units, residential rentals, and commercial; easement encroachment, etc.), and handled our POA, will/estate questions, land dispute w/ someone on our easement, etc. He took great notes and promptly sent a multi-page letter advising me about all the matters in our 1st meeting. Mr. Peters then sought the guidance of other experts in his office when I needed other legal matters handled - but he remained our attorney and handled all the coordination (I like prompt service and one stop shopping). They crafted the seller-financing documents I will need (I am trying to sell a SS unit facility w/ the option of using us as seller-financiers; haven't sold it YET!). But when I get an offer, I will be poised with an NDA & the docs these attorneys created - Application for Financing, Terms Sheet, and Financing Agreement.

 @Daniel Brown - Great question and good researching!! Yes, I absolutely see the potential in BRRRing a self-storage unit facility. It might take some capital to make improvements (like adding units; adding a mobile home as a rental; adding an apartment upstairs above a current SS unit office), or just as simple as increasing the rent, or streamlining the "late rent" and eviction processes (to get late payments immediately and continue renting, or decrease the idle time between nonpayment and eviction/re-rental. I also recommend really looking for another way to add another income stream to the property (rent advertising sign space on the backs of the SS buildings, adding billboard signage facing toward the nearest highway, subleasing part of the storage unit rental office to another small business, adding a cell tower, adding metal railway containers as SS units, adding truck/trailier rentals, moving supplies retail, Amazon locker location). For example, we have a SS unit facility for sale - a family "Mom and Pop" SS facility in TN, near TN/NC/GA border, in an unrestricted area outside city limits but near tons of tourism/retirement communities. Even if you want to work up to urban SS facilities near you, you might start by investing in BRRRing or flipping SS facilities like that - with no zoning/unrestricted, and ripe for increases in rent, with additional income stream potential, and owned by elderly owners who may offer seller-financing, just to "get out" of it as they age. Remember, a lot of "Mom and Pop" owners bought or developed these facilities 20 years ago, and the areas have improved, & grown up around them. Now, the owners are getting elderly, and would be happy for a "Masterlease" type of arrangement, and/or seller-financing. We had our Chattanooga attorney craft the seller-financing, in a way that is a win-win for both parties (of course, we still need someone to buy it). But perhaps if you go to a facility with those kinds of terms in hand, already crafted and well thought out, you can create an awesome off-MLS BRRR SS unit deal! Keep thinking and researching!

@Dave Rav - great points, Dave, for helping @Matt Arden. I'm in Anderson, SC & feel similarly about our MH's on land.

@Dan Gomez @Brett Spence - Hi Brett, like Dan mentioned, Foremost can likely assist you. FYI Foremost is a division of Farmers. "Farmers is the trade name of Farmers Group, Inc., which is a wholly owned entity of the Zurich Financial Services Group. Foremost became a member of the Farmers Insurance Group of Companies® in the year 2000."

https://www.foremost.com/about-foremost/

@Andre Taylor - Thanks, Andre. Mine is a proposed example, of course, and we hope we GET a buyer to take our seller financing. Yes, we structured it as a win-win for both sides but still need a buyer. If you present your proposal to the seller similarly to mine, and make it a win-win for both you and your seller, explaining it clearly that way, perhaps it will be a victory for both of you. Be bold - make the deal what you need it to be, & be organized in your presentation! You can do it!